A New Front In The Millionaire’s Tax Fight

ICYMI: Assemblyman Karim Camara, chair Black, Puerto Rican Hispanic & Asian Legislative Caucus, confirmed last on CapTon last night Gov. Andrew Cuomo made an appearance (not advised by his press shop) at a recent meeting of the 46-member organization at which the topic of a complete overhaul of the state’s tax structure – not merely continuation of the PIT increase on the rich – was broached.

The caucus has been pushing hard for Cuomo to extend some variation of the so-called millionaire’s tax, which is set to expire after a three-year run at the end of next month. Cuomo has repeatedly insisted he is not interested in raising taxes on New York’s wealthiest residents, insisting that to do so at the state level would make New York less competitive with its neighbors, although a federal increase is a fine idea in his book.

“In terms of his position on restructuring tax code, I can’t say at this point. That came up,” Camara said.

“But I don’t know his official position on that. But I will say that’s something we have to consider, the restructuring of the tax code, so sagin, we’ll have a more progressive system of taxation, and we won’t have to worry about the continued deficit, sunsetting the millionaire’s tax, etc. Let’s have a progressive system…It’s not about just tax warfare, let’s tax the rich.”

Camara isn’t alone on this one. Sen. Liz Krueger, wearing her “tax nerd hat,” suggested this week to the NYT’s Michael Powell that there might be some “wiggle room” in Cuomo’s seemingly adamant rejection of the millionaire’s tax, adding: “We could adjust the categories on the personal income tax, which haven’t moved in years. We could go more aggressively after tax cheats.”